Petrobras misses estimates on higher taxes; EBITDA slumps/2Q 2017

Petróleo Brasileiro SA missed second-quarter profit estimates by a large margin after joining a tax refinancing program, putting the brakes on efforts by Brazil’s state-controlled oil producer to cut the largest debt burden among major global oil firms.

Net income came in at 316 million reais ($99.54 million) last quarter, down from 4.449 billion reais in the prior three months, the company said in a Thursday statement. The result missed an average consensus estimate of 2.405 billion reais.

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